Dab tsi yog Algorithmic Stablecoins? -Decryption

Decentralized txog nyiaj txiag (Defi) yog ib qho kev lag luam thiab kev lag luam loj hlob sai, tag nrho ntawm kev sim thiab kev tsim kho tshiab, thiab tsim cov kev xav thiab kev xav ntawm lub hauv paus ntawm kev ua tau zoo dua, censorship-resistant, thiab qhib decentralized nyiaj txiag system.

Algorithmic stabilitycoins ua piv txwv cov yam ntxwv no; ib feem monetary economics, ib feem kev lag luam nyiaj txiag, ib feem lej, thiab ib feem technology. Zaum ntawm kev sib tshuam ntawm cov nyiaj thiab blockchain thev naus laus zis, lawv yog cov tshiab thiab nyuaj - thiab ua rau muaj ntau yam kev sib tw thiab cov lus nug tsis tau teb txog yuav ua li cas lub neej yav tom ntej ntawm DeFi yuav nthuav tawm.

Hauv tsab xov xwm no, peb yuav tshawb txog dab tsi algorithmic stabilitycoins yog dab tsi, lawv ua haujlwm li cas, thiab lawv txawv li cas ntawm cov paib stablecoins.

Dab tsi yog algorithmic stabilitycoins?

Stablecoins yog cryptocurrencies tsim los tuav ib qho nqi txheeb ze rau lwm yam; feem ntau yog fiat txiaj xws li US Dollar. Vim tias cov nyiaj ruaj khov tau pegged rau qhov kev cia siab thiab ruaj khov tus nqi, cov tub ua lag luam lossis cov tub lag luam feem ntau siv lawv nyob hauv kev lag luam crypto thaum tiv thaiv lawv tus kheej tiv thaiv kev lag luam tus nqi volatility.

Feem ntau ntawm stabilitycoins aim kom ua tiav lawv cov peg siv qee yam khoom siv nyiaj txiag. Circulating stabilitycoins rov qab los ntawm cov khoom muaj nqis uas nws tus nqi yuav tsum lav qhov ruaj khov tus nqi. Feem ntau cov nyiaj ruaj khov loj, xws li USDC thiab tether (USDT), yog collateralized los ntawm off-chain collateral zoo li USD uas yog tuav nrog ib tug centralized chaw xws li ib tug bank. Txawm li cas los xij, cov nyiaj npib ruaj khov kuj tseem tuaj yeem ua pov thawj ntawm cov saw hlau siv cov txheej txheem decentralized, zoo li cov ntaub ntawv nrog. DAI.

Algorithmic stabilitycoins txawv. Algorithmic stabilitycoins, nyob rau hauv lawv daim ntawv purest, yog kiag li uncollateralized. Lawv tus nqi tsis rov qab los ntawm ib qho cuab tam sab nraud. Hloov chaw, lawv siv cov algorithms-cov lus qhia tshwj xeeb lossis cov cai yuav tsum tau ua raws (feem ntau los ntawm lub khoos phis tawj) kom tso tawm qee qhov txiaj ntsig. Cov algorithms no tau ua kom zoo dua los txhawb cov neeg koom nrog kev ua lag luam tus cwj pwm thiab / lossis los tswj cov khoom lag luam kom cov nyiaj npib tus nqi yuav tsum - nyob rau hauv txoj kev xav - ruaj khov nyob ib ncig ntawm lub peg.

algorithmic stabilitycoins ua haujlwm li cas?

Qhov kev sim litmus los txiav txim seb qhov nyiaj npib ruaj khov (algorithmic lossis lwm yam) ua haujlwm yooj yim: nws tswj nws cov peg zoo li cas?

Algorithmic stabilitycoin designers siv ntau yam mechanisms los pab lub npib tswj nws peg. Tsis zoo li feem ntau cov npib ruaj khov, nrog algorithmic stabilitycoins cov txheej txheem no tau sau rau hauv cov txheej txheem, muaj nyob rau hauv lub blockchain rau leej twg saib. Hauv qab no yog ob qho tib si uncollateralized algorithmic stabilitycoin qauv, piv txwv li ib tug peg rau $ 1.

Xauj. Rebase algorithmic stabilitycoins manipulate lub hauv paus mov los tuav lub peg. Cov txheej txheem mints (ntxiv) lossis kub hnyiab (tshem tawm) cov khoom siv los ntawm kev ncig hauv kev faib ua feem rau lub npib tus nqi sib txawv ntawm $ 1 peg. Yog tias tus nqi npib> $ 1, cov txheej txheem mints npib. Yog tias tus nqi npib < $ 1, cov txheej txheem hlawv npib. Cov nyiaj npib yog minted rau hauv lossis hlawv los ntawm cov neeg tuav nyiaj npib lub hnab nyiaj.

Seigniorage. Seigniorage algorithmic stabilitycoins siv ntau npib system, nyob rau hauv ib lub npib tus nqi yog tsim los kom ruaj khov thiab tsawg kawg yog ib qho nyiaj npib yog tsim los pab txhawb qhov kev ruaj ntseg. Cov qauv Seigniorage feem ntau siv kev sib xyaw ua ke ntawm cov txheej txheem raws li mint-thiab-burn mechanisms thiab cov kev lag luam pub dawb uas txhawb cov neeg koom nrog kev lag luam mus yuav lossis muag cov nyiaj tsis ruaj khov txhawm rau txhawm rau thawb tus nqi ruaj khov rau nws peg.

Tus qauv thib peb, fractional-algorithmic ruaj khov npib, yog nce nrov. Ib feem seigniorage, ib feem collateralized, fractional algorithmic stabilitycoins lub hom phiaj los tswj lawv cov peg los ntawm kev sib txuas cov txheej txheem zoo tshaj plaws los ntawm "dawb huv" uncollateralized stabilitycoins thiab lawv cov collateralized counterparts. Frax Nyiaj Txiag pioneered tus qauv no.

Dab tsi yog qee qhov piv txwv ntawm algorithmic stabilitycoins?

• Txaus Ntshai (AMPL) - Ib qho ntawm thawj rebasing algorithmic stabilitycoins, pegged rau CPI kho 2019 USD.
• Basis Nyiaj (LAC) - Siv 3-token seigniorage system, stabilitycoin Basis Cash (BAC) tswj nws 1 USD peg los ntawm kev siv cov shares thiab daim ntawv cog lus.
• USD - Ib tug decentralized stabilitycoin rau lub tron ecosystem, pib thaum lub Tsib Hlis 2022 los ntawm Tron tus tsim Justin Sun.
• UXD - Ib qho algorithmic stabilitycoin txhawb 100% los ntawm qhov chaw nruab nrab ntawm delta, ntawm Solana blockchain.
• Tax - Qhov algorithmic stabilitycoin no tau tshaj tawm hauv lub Tsib Hlis 2022 thaum nws poob nws duas peg nruab nrab ntawm qhov dav dua crypto kev lag luam sib tsoo— dej nag a cev qhuav dej nyob rau hauv tus nqi ntawm Terra (LUNA), lub cryptocurrency siv los tuav nws duas peg.

Lub neej yav tom ntej ntawm algorithmic stabilitycoins

Thaum algorithmic stabilitycoins suab zoo nyob rau hauv txoj kev xav, lawv muaj txoj hauv kev mus ua ntej lawv ntseeg tau tias cov khw muag khoom ruaj khov ntawm tus nqi. Thaum lub sij hawm tshaj tawm, tsis muaj algorithmic stabilitycoin tau tswj kom ua tiav ib qho ruaj khov peg. Yog li ntawd, lawv cov ntaub ntawv siv tau zoo rau kev kwv yees arbitrage tub luam.

Nyob rau tib lub sijhawm, algorithmic stabilitycoins muab cov hauv paus siav rau kev tsim kho tshiab. Lawv sawv cev rau txoj hauv kev los thawb cov ciam teb ntawm qhov ua tau hauv DeFi, nyiam cov neeg xav thiab cov neeg tsim khoom uas tau tsim kho tshiab thiab rov ua dua ntawm cov qauv uas twb muaj lawm.

Zoo li lwm cov nyiaj npib ruaj khov thiab crypto loj, zaj dab neeg kev tswj hwm yuav loom loj hauv zaj dab neeg algorithmic ruaj khov. Ntau tshaj li lwm yam cryptocurrency, cov nyiaj npib ruaj khov ua rau muaj kev hem thawj loj tshaj plaws rau tsoomfwv fiat-raws li nyiaj txiag systems. Algorithmic stabilitycoins, nrog rau lawv cov censorship-resistant zoo, ua rau muaj kev hem thawj ntau dua li lawv cov uas tsis yog-algorithmic counterparts. Thiab cov neeg tsim cai lij choj tau nce siab rau cov nyiaj npib ruaj khov; Thaum lub Tsib Hlis 2022, US Treasury Secretary Janet Yellen hu ua rau stabilitycoin txoj cai kom dhau raws li qhov teeb meem ceev.

Txawm li cas los xij, cov lus nug tseem nyob ntawm qhov siv tau ntawm algorithmic stabilitycoins. Yellen tau hais lus teb rau lub Tsib Hlis 2022 lub cev qhuav dej ntawm Terra's UST thiab LUNA cryptocurrency siv los tswj nws cov nyiaj dollar, ib qho xwm txheej uas ua rau muaj kev ntseeg siab heev hauv algorithmic stabilitycoins. UST lub cev qhuav dej sai sai ntau tus ntsuj plig nrhiav ntawm cov neeg tawm tswv yim ntawm algorithmic stabilitycoins, thaum qee tus tam sim no tsis ntseeg tias lawv muaj lub neej yav tom ntej txhua.

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